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Hong Kong Monetary Authority said that the RMB deposit rate in the Hong Kong Special Administration Region has been fixed on 0.99 percent.
Therefore, it's predicted that Hong Kong banks will be able to operate RMB remittance and deposit transaction by the end of February.
Meanwhile, the Bank of China's Hong Kong branch will provide RMB currency clearing services to Hong Kong banks that operate RMB transactions.
(CRI February 5, 2004)
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